All Forum Posts by: Joseph Back

@Dalton Dellinger I agree with @Account Closed. We have mailed and cold called delinquent tax property owners in the past and not had the best results. I would focus on absentee long term owners in rental heavy (C Class) areas. These are the owners we have sourced the vast majority of our deals from.

@Jay Hinrichs We use local banks for our funding and don't have a limit on number of loans we can take out as long as we pay on time and the properties meet minimum debt service coverage ratios. Rational behind it is that even if you are just making $50 a month cash flow you are also building equity as your tenants pay down your debt. We have been able to build a portfolio of 200 rentals this way and have not run into issues when getting more debt.

@Douglas Petrie That is a good idea. We haven't done anything to encourage referrals from previous sellers but have actually got two deals that way. However, definitely going to start to build a system out around long term drip texts to previous sellers encouraging referrals, give them $500 if we are able to close a deal. What does your referral system look like?

@Seth Brown Judging by your bio, 700+ credit, 2 years of full time income history, you should have no problem qualifying for a FHA loan. As long as you are living in one of the units they should only require 3.5% down. Would be interested to hear why the banks have said they are denying you the loan.

@Tina Jenkins Great choice, sounds like a great deal. Good luck!

@Trevor S Foster That is awesome man, sounds like an amazing deal! I recently was able to convince a seller to do owner financing on a 4-plex I purchased and it has been the best deal I have done to date. In my opinion the keys is really seek out the owner's motivate and end goal. For example, is he wanting to do owner financing to save on the capital gains taxes or is he is worried about where to put his money and wants the return a mortgage interest rate would provide? Based on those answers you can structure terms of the deal such as down payment, amortization term, interest rate, etc. Feel free to DM me if you have any questions.

@Dalton Dellinger For all of the counties here in Kentucky each of the local county clerk's office posts the list of tax delinquent properties each year. I would recommend calling your local county clerk's office to see if there is a public records request for which you could get a list of the tax delinquent properties in your county. Would also ask for list of properties with active code violations.

@Wayne Yahnke Great work man! Exact same way I got started and now work full time as a wholesaler and investor doing 3-5 deals a month. Stay persistent and it will pay off.

@Jordan Moorhead Not in Minneapolis so can't speak directly to that market but I would guess BRRRR is still possible in your market it is just about finding the right deals. For example, you are never going to find a deal that you can BRRRR and then still cash flow on the MLS in my market, it is just to good to be true. However, our company is still able to find deals that BRRRR and still cash flow from motivated sellers off market. Also agree with @Tom Shallcross in that cash flow isn't as important when implementing BRRRR because even if you cash flow just $50 a month your return is infinite, just want to make sure you can cover your mortgage.

@Mandell Faison Check out Sean Terry's Flip 2 Freedom podcast. Start with the very first podcast back in 2010 and work your way through them chronologically. He covers every step and facet of wholesaling throughout the podcasts.